What is Seaport Res Ptn's Estimate for BK FY2024 Earnings?

The Bank of New York Mellon Co. (NYSE:BK - Free Report) - Equities researchers at Seaport Res Ptn lifted their FY2024 EPS estimates for Bank of New York Mellon in a research report issued on Tuesday, January 7th. Seaport Res Ptn analyst J. Mitchell now forecasts that the bank will post earnings of $5.88 per share for the year, up from their prior forecast of $5.82. The consensus estimate for Bank of New York Mellon's current full-year earnings is $5.84 per share. Seaport Res Ptn also issued estimates for Bank of New York Mellon's Q4 2024 earnings at $1.57 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.75 EPS, Q3 2025 earnings at $1.69 EPS, Q4 2025 earnings at $1.81 EPS, FY2025 earnings at $6.65 EPS and FY2026 earnings at $7.60 EPS.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.11. The company had revenue of $4.65 billion during the quarter, compared to analysts' expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%.

A number of other research analysts have also commented on BK. Barclays lifted their price objective on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the company an "overweight" rating in a research note on Monday. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, November 11th. Wolfe Research cut Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Truist Financial assumed coverage on Bank of New York Mellon in a report on Tuesday. They issued a "buy" rating and a $91.00 target price on the stock. Finally, UBS Group increased their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and an average price target of $82.64.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $2.40 during trading on Friday, reaching $75.55. The company's stock had a trading volume of 3,577,393 shares, compared to its average volume of 3,550,265. The company has a 50-day moving average price of $78.55 and a two-hundred day moving average price of $71.42. Bank of New York Mellon has a fifty-two week low of $52.21 and a fifty-two week high of $82.72. The firm has a market cap of $54.93 billion, a PE ratio of 16.42, a P/E/G ratio of 0.91 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of the stock. McClarren Financial Advisors Inc. boosted its stake in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after acquiring an additional 346 shares during the last quarter. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $32,000. Fortitude Family Office LLC grew its holdings in shares of Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock worth $44,000 after buying an additional 346 shares in the last quarter. Grove Bank & Trust raised its position in shares of Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank's stock valued at $46,000 after buying an additional 144 shares during the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $46,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company's stock, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.